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Sunday March 5, 2023 Emini S&P Weekly Market Rundown and Expectations with Responsible Day Trading

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Mar 06, 2023

 

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Hello my friends!  Here we are in March already and the time is flying by! The market has been giving some great opportunities in this time but you really have to be prepared to take them.  There are quite a few things to be said for small moves, so long as you have the knowhow and the courage to take the trades when they present themselves (and exit when it presents itself as well!) 

On to news!  We do have quite a few things popping off this week.  As I’ve said before, news isn’t always a reason to exit your trade BUT it is a good time to take caution, pay attention to where your stop is and possibly get ready for a fun ride. Of course, with things like FOMC, I’m more cautious about staying out of the market but I don’t find all news “exit-worthy”.  

As for what the market is giving us, it’s pulled DIRECTLY down to the area of support that we have been looking at for weeks.  The EMAs on the Daily chart were very weak, so combined with strong MACDs down, we did anticipate that area to not hold.  So, now we have to see if the strength to the upside of the EMAs on our smaller charts (28657 and the 10946) will be enough to hold this and continue with movement to the upside. 

Pullbacks will be forever anticipated.  We love to see them because they will help us have space to run to the next area.  So while I’m expecting this to continue up, a pullback to the areas of the larger EMAs (combined with the right signals from the MACDs) can be absolute gold for trades to give plenty of profit potential. All we can do is be patient for the right set-ups, have our risk in a place that will allow the trade to run and then have the courage to take it when it shows itself to us. 

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Alright my friends!  I have a little bit of surgery on Wednesday, so I’ll be out for the next week or so.  I’ll do my best to be there for any questions but either way—you’ll see me back sooner than later!  Much love good peeps and we’ll catch you around soon! 

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